It was recently reported that the average car payment in the U.S. is a whopping $523. The average total amount borrowed for a new car comes to $31,453.
But driving a new car isn’t the root of all evil. This example simply highlights the long-term impact of seemingly innocuous purchasing decisions. Having the ‘average’ monthly new car payment doesn’t seem financially disastrous at first glance. Having an ‘average’ sized mortgage probably doesn’t either. You can use my easy retirement calculator to see what you should be saving monthly for your future.
However, having that extra bedroom and half-bathroom might be less appealing if you realize you’ll have to work a few extra years just to make up the difference. Similarly, the side-hustle you have on a review site like Swagbucks or Survey Junkie might be less fun if you realize you could have avoided it.
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